Futures Back From Best Levels Overnight, Data & BoJ Rumours To Digest

JGB futures finished at virtually unchanged levels overnight, going out just above worst levels of post-Tokyo trade.

• Reports via Kyodo, pointing to expectations for incoming BoJ Governor Ueda to flag his plan to maintain current policy settings in an upcoming meeting with his predecessor, provided a light bid for JGB futures in early overnight dealing, before a moderation from best levels in U.S. Tsys weighed as the session wore on.
• On the inflation front we have seen Nikkei report that some Japanese utility companies are expected to delay price hikes until at least June, with the government asking for more up to date details surrounding the touted increases, taking account of recent fluctuations in fuel costs and FX levels.
• Locally, recently released wage data has printed bang in line with expectations (nominal wage growth ticked higher in Y/Y terms and the rate of decline in Y/Y real cash earnings moderated a little, with the peak of headline inflation now seen as being in the rear-view), while household consumption data was notably softer than expected in Y/Y terms.
• The local docket is now limited ahead of the weekend.